Borrower requested a $157,000 loan to purchase a single-family, fix and flip property in Holiday, Florida. The borrower paid $205,000 for the property and has a $27,000 construction budget planned, primarily cosmetic. There will be a construction hold back of $13,000, with a draw schedule. Borrower is a real estate broker and repeat DKC client.
Collateral:
Type: Refinance
Description:
Borrower is secured by four properties: a luxury condominium in Miami, FL; a single-family home in Roswell, GA; and two properties in Greenwood, SC—a commercial building and a single-family home. The borrower intends to refinance the loan using a DSCR (Debt Service Coverage Ratio) product.
- Loan Amount: $1,050,000
- Date: November 2024